The way we do business has drastically changed from even just 10 years ago. Advances in technology have greatly affected what companies can do, and those that do displace those that don’t - think Netflix displacing Blockbuster.

The 4th Industrial Revolution

Some call it the 4th Industrial Revolution, some call it Industry 4.0. Whatever you call it, the fact is it’s well on its way and it's changing the way most of us work.

The Four Industrial Revolutions (by Christoph Roser at AllAboutLean.com)

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, has published a book entitled The Fourth Industrial Revolution that explores this phenomenon.

“The changes are so profound that, from the perspective of human history, there has never been a time of greater promise or potential peril,” Schawb tells Forbes. “My concern, however, is that decision-makers are too often caught in traditional, linear (and non-disruptive) thinking or too absorbed by immediate concerns to think strategically about the forces of disruption and innovation shaping our future.”

New Challenges for Both Business and IT

Business Challenges

Advancements in technology, specifically the prevalence of the cloud, have brought about new challenges for both business and IT teams. Modern IT challenges create more pressure to keep pace within a rapidly evolving business world, including:

1. Difficulty recruiting, hiring, ongoing training, and retaining qualified, specialized IT employees – who also understand the business
2. Protecting people and data from cyber-attacks – without sacrificing productivity
3. Bridging the gap between business and IT to execute on shared goals
4. Budgeting for innovation – prioritizing investment in IT as a pillar of business instead of purely a cost center
5. Lack of overarching strategy for digital transformation

IT Challenges

At the same time, there is more pressure than ever on IT teams to deliver business results. They are expected to deliver on the expectations of this new modern workforce, including:

1. Protecting users and data by making security a top priority
2. Providing 24x7x365 support
3. Supporting multiple platforms and devices, including BYOD
4. Providing continuous innovation, aligned with business goals and challenges
5. Providing an evolving change management framework to embrace technology innovation and manage its impact on end users

The Solution: Modern IT Management

In 1958, the average lifespan of a business was 60 years. Today, it’s only 18 years. To succeed, companies must find a way to not only survive the evolving business landscape but also thrive. Luckily, there’s a lot of resources that can help. As businesses solidify and accelerate their commitment to digital transformation, they need to employ a holistic approach that not only keeps pace with the changing digital marketplace but also takes into consideration their entire end-to-end ecosystem, including leadership, employees, customers, and partners. Modern IT Management is designed to manage the ever-evolving change, risk, and opportunities that businesses face..